Home Audit & Assurance IT Department conducts search and seizure operations in Mumbai; Seized Unaccounted cash exceeding Rs.4 crore

IT Department conducts search and seizure operations in Mumbai; Seized Unaccounted cash exceeding Rs.4 crore

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IT Department conducts search and seizure operations in Mumbai; Seized Unaccounted cash exceeding Rs.4 crore

IT Division conducts search and seizure operations in Mumbai; Seized Unaccounted money exceeding Rs.4 crore

The Earnings Tax Division initiated search and seizure operations within the case of a bunch, engaged within the manufacturing of wires and cables and different electrical gadgets on 22.12.2023.

The search additionally included among the group’s authorised distributors. The search operation passed off at over 50 places in Mumbai, Pune, Aurangabad, Nasik, Daman, Halol, and Delhi.

Throughout the course of the search operation, an enormous variety of incriminating evidences within the type of paperwork and digital information have been discovered and seized. These evidences reveal modus-operandi of tax evasion utilized by the group in connivance with among the authorised distributors. Preliminary evaluation means that the flagship firm indulged in unaccounted money gross sales, money funds for unaccounted purchases, non-genuine transport and sub-contracting bills, and so on for suppression of its taxable earnings.

Credible proof found through the search revealed that the flagship firm made unaccounted money gross sales of round Rs. 1,000 crores that weren’t documented within the books of accounts. Proof of unaccounted money funds of greater than Rs. 400 crore made by a distributor on behalf of the primary agency to buy uncooked components has additionally been collected.

Moreover, non-genuine bills within the type of subcontracting, purchases, and transportation bills, totalling round Rs. 100 crore, have been found within the confiscated proof from the flagship firm’s services.

The search motion additionally revealed unexplained transactions by the distributor for producing invoices with no authentic provide of merchandise, even though such commodities had been offered in money on the open market. Thus, the authorized distributor assisted sure events in inflating their buy accounts, which totalled round Rs. 500 crore. This distributor solely sells merchandise from the flagship firm.

Throughout the search operation, unaccounted money exceeding Rs. 4 crore was seized and greater than 25 financial institution vaults had been positioned beneath lockdown.

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